5. Most Millionaires Are Self-Employed

Got a great idea for a business? Make sure the profits are going in your pocket, not your boss’s.

Authors of The Millionaire Next Door Thomas Stanley and William Danko write, "Twenty percent of the affluent households in America are headed by retirees. Of the remaining 80 percent, more than two-thirds are headed by self-employed owners of businesses. In America, fewer than one in five households, or about 18 percent, is headed by a self-employed business owner or professional. But these self-employed people are four times more likely to be millionaires than those who work for others."

Sound risky? It is. Less than a third of new companies survive 10 years.

But millionaires have a different perspective. They think it’s risky to work for someone else. You could get laid off. Your boss could make a bad decision.

They want to be in control of their own destiny and yes — they’re quite confident. And research shows confidence boosts your income.

But not only is entrepreneurship risky, it’s also hard work.

In only two countries out of all those surveyed did the self-employed not work harder than salaried employees:

Why do something so risky and difficult? Research shows one of the main things that makes us love our work is autonomy.

And this is definitely true here. You’d need to earn 2.5 times as much money to be as happy as someone who is self-employed.

According to Shane, "These studies have found that people are more satisfied with their jobs when they are working for themselves than when they are working for others. In fact, the studies show that to be as satisfied when he is working for others as he is when he is working for himself, the average person needs to earn two-and-a-half times as much money!"

So these aren’t salaried employees. But how do they decide what kind of companies to start?

(For more on what the most successful people have in common, click here.)

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